Personal income failed to grow between the second and third quarters of 2011, according to the state Economic Analysis Division.

“The magnitude of the industry gains and losses were relatively minor for the third quarter, leaving total income unchanged,” senior economist Jim Robinson said. “In terms of economic activity, the state has definitely reached a plateau.”

Personal income remained at $26.6 billion in the third quarter, which was below the 1.2 percent growth registered between the first and second quarters, but on par with growth rates in the region and U.S. overall. The findings are based on figures from the U.S. Bureau of Economic Analysis.

Health care, professional and business services, and the federal civilian sector of government had the biggest influence on state income growth.

Mining, construction, information and state and local government posted declines of 0.02 percent each.

“For now, the oil and gas subsector of the mining industry has peaked in terms of activity,” Robinson said.

For Wyoming, income from earnings, including wages, salaries and business income rose by 0.3 percent in the third quarter. Dividends, interest and rent fell by 0.1 percent, while government transfer payments declined by 0.9 percent.

On average, state personal income growth slowed to 0.1 percent in the third quarter, according to the BEA. Growth rates ranged from minus 0.4 percent in West Virginia to 0.6 percent in Washington state.

Inflation, as measured by the national price index for personal consumption expenditures, decreased by 0.6 percent in the third quarter, down from 0.8 percent in the second quarter.

Contact Business Editor Tom Mast at tom.mast@trib.com, or call 307-266-0574. Follow him on Twitter @masts.

 

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